GUEST LECTURE ON PERFORMANCE MANAGEMENT AND REWARD SYSTEM IN INDUSTRIES

On 4th of September, 2023, the Department of Management Studies, Francis Xavier Engineering College hosted an enlightening guest lecture on the topic of "Performance Management and Reward Systems in Industries."

The lecture featured Mr. A. Muthu Raman, a distinguished personality in the business world who serves as the General Manager at COLAKIN and is the Founder and CEO of Kasadara Tech and Reality Studio, Tirunelveli. Dr. S.B. Jeshurun, an Associate Professor at the Department of Management Studies, organized this insightful event. The lecture commenced with an in-depth discussion on the importance of performance management in modern industries. Mr. Muthu Raman emphasized that performance management is not merely a routine HR process but a strategic imperative for organizations. It was underscored that effectively managing and enhancing employee performance can directly impact an organization's overall success. He also elucidated the key components of an effective performance management system, which included goal setting, regular feedback and evaluations, skill development, and recognition of achievements. He emphasized that clear and achievable goals, coupled with timely and constructive feedback, form the foundation of performance improvement. He discussed various types of rewards, such as monetary incentives, promotions, and recognition, and their effectiveness in driving employee engagement and commitment to organizational goals. It was stressed that a well-structured reward system can enhance job satisfaction and retention rates.